Deepening cuts at the investment bank.
Credit Suisse plans to eliminate an additional 2,000 jobs this year and deepen cuts at the investment bank, five months after CEO Tidjane Thiam announced an overhaul of the bank to focus on wealth management.
Bloomberg News reports that the bank plans to cut risk-weighted assets in global markets, which houses securities trading, to about $60bn this year, compared with a previous target of between $83bn and $85bn, it said in a statement on Wednesday. The unit is projected to post a loss in the first quarter. Credit Suisse is targeting 6,000 job cuts this year, with gross savings of $1.7bn.
Thiam, 53, announced tougher cuts at the securities business as he’s seeking to stem a slump in shares, which eroded about 41% of the bank’s value since he presented his overhaul to investors in October.
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